Business Services Industry
Tax bill for bank shareholders.
Australasian Business Intelligence, February, 2007
Byline: Fleur Anderson
Feb 22, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has won a legal case based on a St George Bank share buyback in 2001. St George Bank. As a result of the ruling on 22 February 2007, over 80,000 taxpayers will pay retrospective tax bills arising from the share buyback. They will be liable for income tax on the proceeds relating to sell-back rights. The average amount in dispute is around $A300 per shareholder. Matt Hayes, of KPMG, noted that the courts and the ATO are constantly defining what constitutes taxable income.
Publication Date: 23 February 2007
ST GEORGE BANK LIMITED - ASX SGB
AUSTRALIAN TAXATION OFFICE
KPMG AUSTRALIA PTY LTD
HIGH COURT...
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